Foxconn has also pledged a $10 billion factory in Wisconsin previous year, in hopes to secure its Belkin acquisition, by providing an Ernst & Young report stating the new plant would create 13,000 jobs.
Leveraging Belkin's strength in research and development capabilities and the consumer products channel, FIT is expected to further tap into premium accessories and the smart home market.More news: Stock's Average True Range to Track - Flex Ltd. (NASDAQ:FLEX)
In a filing on Tuesday, FIT Hon Teng, a unit of Foxconn Technology Group, revealed that upon completion of the merger, Belkin will become a direct wholly-owned subsidiary of the Company.
Foxconn promises to throw its weight behind further R&D to "expand FIT and Belkin's presence in the USA and key markets globally". The takeover will see the cable-making company expand into the consumer electronics market with brands such as Belkin, Linksys, Wemo and Phyn.
"This move will accelerate our vision of delivering technology that makes the lives of people around the world better, more convenient and more fulfilling". He is said to join FIT's management team.More news: Super Eagles begin training in London ahead of Serbia friendly
"The transaction also grants us access to more resources to invest in our people and to aggressively pursue opportunities in the marketplace", he said. Belkin completed its acquisition of Linksys from Cisco in March 2013.
Belkin also appears to have forged a relationship with Apple, following the release of its Apple-certified wireless chargers, which have complimented an expanding range. Foxconn will reportedly pay $866 million for the acquisition, although the purchase won't be set in stone until it is approved by the US Committee on Foreign Investment.
ChannelNews has approached Belkin for comment.More news: New York Giants sign former Miami Dolphins safety Michael Thomas